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33_ cj
| Question | Answer |
|---|---|
| Artisan's lien | lien for unpaid services assessed against personal property that has been improved |
| Bankruptcy | legal proceedings discharging debts and distributing assets |
| Child custody | care and control of a minor |
| Credit rating | evaluation of a party's ability to pay debts |
| Finance charge | total added cost when one pays in installments for goods or services |
| Garnishment | court-ordered procedure by which a portion of a delinquent debtor's wages are paid to satisfy the debt |
| Guarantor | party agreeing to be secondarily liable in case of default by the principal debtor |
| Insolvent | status of being unable to pay debts when they become due |
| Involuntary bankruptcy | occurs when a person or business (except farmers and charities) owe at least $11,625 to petitioning unsecured creditor(s) and are unable to pay debts when they come due |
| Lien | legal right in another's property as security for the performance of an obligation such as the repayment of a loan |
| Mechanic's lien | lien against realty available to one who has supplied labor or materials to improve it |
| Pawn | pledge of tangible personal property |
| Pledgee | creditor in a pledge who takes possession of property given up by pledgor |
| Pledgor | debtor in a pledge who voluntarily gives up possession of the property |
| Principal debtor | person who owes the debt or obligation |
| Right of contribution | cosurety who pays the full debt is entitled to judgment against the other cosureties for their proportionate share of the debt |
| Surety | third party agreeing to be primarily liable for debt in case of default by the principal debtor |
| Suretyship | contractual relation in which a third party agrees to be primarily liable for a debt created in favor of the principal debtor |
| Trustee | legal entity having title to the property named in a trust |
| Unconscionable contract | grossly unfair contract for the sale of goods |
| Unsecured debt | debt in which the creditor lacks a secured interest in collateral |
| Usury | lending money at a rate higher than the state's maximum allowable rate |
| Voluntary bankruptcy | option that offers a person, business, or other association protection from creditors under Chapter 7 |
Created by:
Chanse.j_
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